Entrepreneurs in Nigeria get yet another opportunity to expand the frontiers of free market in Africa’s largest economy. Make sure to register or at least tell someone about this. Cheers
Yesterday, the Lagos Angel Network (LAN) announced plans to Raise N100 million in 2016 for Lagos StartUps. LAN also invited participation in its first investment event for 2016, the ‘Lagos StartUp DealDay’.
This quarterly event, which will first take place on Thursday, March 31st, will bring LAN members, other angel investors and Lagos startup ecosystem players together at a pitch event where the very best ventures and startups (across sectors) will receive funding.
Using Lagos StartUp DealDays as a focal point, LAN expects to energise investments in Lagos startups by raising N100 million from its members and the investment community at large. Partners include VC4Africa, TechCabal, the Africa Business Angel Network (ABAN), hubs, incubators and accelerators.
In preparation for March 31st, LAN has invited the formation of syndicate groups that will lead investments in the shortlisted startups. Confirmed syndicates include TechnoVision (led by Tomi Davies) and Sasware (led by Collins Onuegbu), with more expected to join.
Each syndicate will commit to investing a minimum of N5 million on the day. Syndicate membership is not limited to members of LAN, but open to self-accredited investors with an interest in early stage investing.
VC4Africa’s platform will curate startups and ventures for Lagos StartUp DealDay and pitch materials will be available on the platform for investors and syndicates to review and shortlist in the run up to the event.
Shortlisted startups will be announced on March 21st, and those entrepreneurs will be invited to make formal pitches at the Lagos StartUp DealDay on March 31st to a closed group of angels. Selection criteria include a N5-25 million capital requirement and early customer/revenue businesses. Prototype or concept stage ventures will not be considered.
Interested startups and investors are invited to visit the Lagos StartUp DealDay page on the VC4Africa platform (www.VC4Africa.biz) for additional information.
Interested investors/syndicates should also contact the LAN Secretariat by email at secretariat@lagosangelnetwork.net for information on how to register.